After the rise of the last two days, gold and silver surprised investors on Thursday. There was a sharp fall in the prices of these metals today in trading on Multi Commodity Exchange (MCX). Especially the huge fall in the prices of silver created a stir in the market, while gold also became cheaper by thousand rupees. For those who were waiting for higher prices, this decline has come as a big opportunity.
On Thursday, a huge fall was recorded in the futures price of silver on MCX. Around 6 pm on Thursday, the price of silver slipped straight to Rs 2,43,500 per kg. That means in one stroke silver became cheaper by more than Rs 24,950. The fall came as a blow to investors who had expected further upside after the recent rally.
How much cheaper is silver now from high level?
If we talk about last month, on January 29, silver broke the record and made an all-time high of Rs 4,20,048 per kg. Since then it has witnessed a continuous decline. If we compare the current price, silver has become cheaper by about Rs 1.77 lakh from its high. There was some relief after the budget, but this relief did not last long.
Gold prices also fell
Like silver, gold prices also saw a sharp decline on Thursday. The price of 24 carat gold today fell to Rs 1,51,197 per 10 grams. That means a decline of more than Rs 1850 was recorded in the price of gold.
Gold rate is much below high
Gold also made its lifetime high on January 29, when its price reached Rs 1,93,096 per 10 grams. Since then there has been constant pressure. At the current level, gold has become cheaper by more than Rs 42,000 from its highest level.
What is the reason for the decline?
According to market experts, due to global cues, profit booking and strengthening of the dollar, gold and silver are under pressure. However, for long-term investors this decline could prove to be a good buying opportunity.
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